More than 120 people turned up at a public meeting gauging support for the store to reopen in some form.
The community-owned shop, known as Faigan's Store, has served Millers Flat for more than 100 years and will close on Sunday.
The catalyst for the closure was Foodstuffs withdrawing its Four Square franchise from the store.
Several residents asked questions about why they had only just been told of Foodstuffs' imminent withdrawal.
Store company chairman Glen Perkins said it had only been told recently of Foodstuffs' decision and it had been a stressful time.
Chairman of the trust that owns the store Eoin Garden said this was the fifth time the store had ‘‘hit the wall''.
All the services in the town - the shop, school, community-run swimming pool and fire brigade - were interdependent and it was important to take a ‘‘big picture view'', he said.
Without a shop in the town, property values would drop and other businesses, such as the camping ground, would be affected.
He emphasised the importance of "buying local'' but also said it was clear the supermarket model was unsustainable.
"And we're never going to be able to retain this facility if people just use it for their milk and bread.''
There had been "a bit of noise'' in the media from some people about the store, which was irrelevant as it was the locals who would make the decisions about the store's future.
The trust deed said trustees had to ensure they worked to retain the store, so it was time to look at new ventures, and maybe private ownership by people "with skin in the game''.
Although the closure of the store was sad, it was also an opportunity for another business to be set up in the building, Mr Garden said.
Several new Millers Flat residents said they were "gutted'' to be arriving in the town just as the only store was closing.
Ric Hunt, of Naseby, who is moving to Millers Flat, said Foodstuffs had done the town "a great favour'' by withdrawing.
The store could reopen without being dictated to by a franchise, he said.
The reopening of the Naseby Store was a success story.
A cafe based in the Millers Flat store would be ideal to cater for cyclists on the Clutha Gold Cycle Trail, Mr Hunt said.
Robyn Pannett, of Millers Flat, paid tribute to the store's staff and said it had been a difficult time for them.
The trust said it welcomed suggestions about future ventures using the building and would come back to the community to discuss potentially viable options.
